No Debt Ceiling, No Problem

June 5, 2023

Enjoy this week's "Investor Insights," a weekly newsletter highlighting the financial news you need and providing tips and tricks to help you make better investment decisions.

This year, the NASDAQ's impressive performance can be largely credited to the success of just seven companies. Apple, Alphabet, Microsoft, Amazon, Meta, Tesla, and Nvidia collectively account for 84% of the index's upside this year. ₁

The NASDAQ has risen over 20% this year in the first 100 trading days of 2023. This marks only the 5th time in its history, dating back to 1971, that the index has achieved this level of gains within that timeframe. ₂

Congress agreeing to increase the debt ceiling is good news for the stock market. Since 1960 the debt ceiling has been raised a total of 78 times, including in 2011 and 2013. In those two years, the market rose 9.7% and 20.7% in the 12 months following the debt ceiling increase. ₃

New home sales recorded an 11.8% year-over-year increase in April. This brought an end to a 13-month streak of negative growth, which was the longest such streak since the record-breaking 46-month downturn experienced in the Great Financial Crisis of 2008-09. ₂

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Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter.

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